PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464660
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464660
Electric Vehicle Compressor Market size was valued at USD 1.982.12 Million in 2023, expanding at a CAGR of 16.90% from 2024 to 2032.
An electric vehicle compressor, commonly known as an electric air compressor or an electric air conditioning compressor, plays a vital role in electric vehicles (EVs). Valeo electrical compressors facilitate effective thermal management of A/C and H/P systems in electric and hybrid vehicles. Electric compressors in EVs are engineered for optimal efficiency, converting electrical energy from the battery into mechanical energy to power the compressor directly. This efficiency is essential for maximizing the vehicle's total range.
Electric Vehicle Compressor Market- Market Dynamics
increasing need for electric vehicles and the expanding popularity of electrically powered air conditioning systems are expected to drive the growth of market
The increasing global emphasis on reducing greenhouse gas emissions and addressing climate change has resulted in a rise in the demand for electric vehicles. Electric vehicle compressors play a crucial role in EVs, especially in their air conditioning systems, which has contributed to the expansion of the compressor market. As per the International Energy Agency, EV sales are projected to remain robust until 2023. In the first quarter alone, over 2.3 million electric vehicles were sold, recording a 25% increase compared to the same duration last year. Additionally, electrically powered air conditioning systems offer various benefits over traditional systems, such as enhanced energy efficiency, lower emissions, and quieter operation. Moreover, the continuous advancements in EV compressor technology create opportunities for market growth. Nevertheless, the high initial cost may pose a challenge to the market expansion.
Electric Vehicle Compressor Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 16.90% over the forecast period (2024-2032)
Based on Product Type segmentation, Scroll was predicted to show maximum market share in the year 2023
Based on Derivation segmentation, Hybrid Electric Vehicle (HEV) was the leading type in 2023
Based on Sales Channel segmentation, OEM was the leading type in 2023
On the basis of region, Asia pacific was the leading revenue generator in 2023
The Global Electric Vehicle Compressor Market is segmented on the basis of Capacity, Vehicle Type, Product Type, Derivation, Sales Channel, and Region.
The market is segmented into three categories according to Capacity: Below 20CC, 20-40CC, 40-60CC, and Above 60CC. The electric vehicle (EV) compressor market, categorized by capacity, mirrors the varied needs of electric vehicle manufacturers for a range of compressors tailored to different vehicle sizes and uses.
The market is divided into four categories based on the type of vehicles: Passenger Vehicles and Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), and Buses & Coaches. By segmenting the electric vehicle compressor market according to vehicle type, it can provide valuable insights into the distinct requirements and demand patterns within different segments of the automotive industry.
The market is segmented into four categories according to Product Type: Swash, Scroll, Screw, Wobble, and Others. The Scroll segment leads the market. The electric vehicle compressor market for hybrid electric vehicles is projected to experience ongoing growth and advancements as car manufacturers allocate resources towards electrification and sustainability efforts.
The market is categorized into four groups according to Derivation: Plug-in Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV), and Hybrid Electric Vehicle (HEV). The dominant player in the market is the Hybrid Electric Vehicle (HEV). As automakers invest in electrification and sustainability initiatives, the electric vehicle compressor market for hybrid electric vehicles is anticipated to experience ongoing growth and innovation.
The market is segmented into two distinct categories, namely OEM and Aftermarket, based on the Sales Channel. The dominance of OEM in the market is evident. OEMs integrate electric compressors into their vehicle designs to cater to air conditioning, refrigeration, and thermal management requirements. When it comes to selecting compressor suppliers for their electric vehicles, OEMs place utmost importance on quality, reliability, and durability.
Electric Vehicle Compressor Market- Geographical Insights
The market is geographically spread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The growth of the market is expected to be driven by Asia Pacific, primarily due to the expansion of EV charging infrastructure and the increasing consumer demand for cleaner and more sustainable transportation options. Asia Pacific has witnessed significant investments in EV charging infrastructure, with China leading the way. As of 2020, China has the largest public EV charging infrastructure in the world, with nearly 800,000 public charging stations. Moreover, China has established the world's largest public charging infrastructure network, accounting for 51% of the global total, with over 1 million public chargers and a total rated power exceeding 56 gigawatts as of 2022. Europe holds the second-largest region for market growth, driven by the rising demand for passenger automobiles.
The competitive landscape of the Electric Vehicle Compressor Market is driven by manufacturers striving to develop cutting-edge technologies that improve efficiency, performance, and reliability. Key areas of innovation include variable-speed operation, scroll compressor designs, and integrated thermal management systems. To stay ahead in this fast-paced market, manufacturers will concentrate on enhancing efficiency, performance, and cost-effectiveness through the development of innovative technologies. Success will be achieved through collaboration with OEMs, investment in research and development, and strategic partnerships to meet the changing needs of the electric vehicle industry.
In 12 October 2022, Valeo revealed two record order ingestions for its thermal systems devoted to the electrification of vehicles The Groups orders amount to more than 4 billion euros since the beginning of the year
GLOBAL ELECTRIC VEHICLE COMPRESSOR MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Valeo SA
Aptiv PLC
Denso Corporation
Panasonic Corporation
BorgWarner, Inc.
Mahle GmbH (Mahle Stiftung GmbH)
Hanon Systems (Hahn & Co. Auto Holdings Co., Ltd.)
Sanden Holdings Corporation
Toyota Industries Corporation
Brose Fahrzeugteile SE & Co. KG,
Others